State Farm Might Go Bankrupt - Downgraded Financial Rating

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Please consult your agent before making any changes you feel you are not knowledgeable with. Due that the laws being different in each state, I am not responsible for any changes or updates that may have occurred after the making of this video.

This video and description contain affiliate links, which means that if you click on one of the product links, I will receive a small commission. This helps support the channel and allows me to continue to make videos like this. Thank you for the support! Car insurance advice, car insurance, auto insurance, home insurance, homeowner’s insurance

[thesmockinggunYT]

Best advice I got from my father who was an independent insurance broker for 40 years.

"Don't buy a policy from a company who has a celebrity\sports star that's paid millions to represent the insurance company..you're paying for it somehow."

[davidwilliams]

Liberty mutual might be right behind them its insane the money these 2 spend on national tv commercials

[texan]

Part of the problem with insane insurance costs are the insane costs of ordinary vehicles and cost to repair them. A generation ago an F150 used a $40 taillight and had 2 bulbs that cost 80 cents each. Now a mid grade F150 with blind spot monitoring uses $1, 000 taillight and non serviceable lighting system meaning there is no “bulb” type element. The whole lamp is junk and useless once it cracks, leaks, or just burns out. That kind of of parts pricing used to be for only exotic cars.

[marusholilac]

Couldn't happen to a nicer bunch. I'm a Virginian and SF raised my rates, sending a notice of adverse decision, despite my never having made a homeowners claim to them or anyone else. When I confronted their underwriting department, they said the fact that I had not had an auto loan within 5 years made me risky, even though my FICO 9 score was 826. I enjoy disparaging bums like this.

[sledge]

How can they be going down, when all they have done is raised everybody's rates 🤔 😕 😐.

[steveurbach]

Well they refused to move my Renters policy 0.8 miles to my new place (not in a high risk area. So they lost that premium. Then my car policy came up for renewal, not only did they raise rates, but I lost my Mult-line discount. Nice way to treat someone with almost 40Y of my business.
AFAIC they deserve what they reap

[mrsparex]

We had home & auto with them...
They only knew the word "no*.
We dropped them and got Eerie.

[generator]

Some splendid sunny day poor working people simply run out of money.
When that happens this house of cards implodes.
What a time to be alive!

Wake up

[fleabagmr.]

Jake got an amazing tan right after Floyd died of an overdose.

[jasonlovell]

Don’t know how they could be in trouble when my auto, umbrella and rv rates have gone way up.

[juliebommelman]

When you spend a billion dollars in advertising that would be a place to cut.

[eugenefirebird]

Poor management all the way down the line. They made plenty of money when they charged half the rates they do now. I never ever considered way way overpriced premiums of State Farm. And like a bad neighbor, they are broke.

[robertkreamer]

Are used to run a small auto liability operation in the insurance industry, especially program for leased vehicles so I even had a captive insurance operation in Bermuda . I will tell you that a bee rating is terrible. You were quite right in saying that there are many variations of a a plus a minus and so on going to a B is really really bad news. . I suspect that they’re underwriting has not been the best somewhere along the line they got out of sink and we’re going for volume premium, and not paying attention to their exposures

[manimaljack]

Fantastic video! Always love to hear how drastic the changes are in our industry.

State Farm being such a mainstay in insurance is definitely feeling the pressure from upcoming companies looking for that #1 spot.

[innersceptre]

TY. I'm glad I found your channel!

[gscott]

State Farm have been heavy in the Financial game for years, literally operated Insurance at a small loss to compete since their profit was mainly from elsewhere. Insurance claims hit every company hard the past few years, most have increased rates to cover it. Good time to call around to see who's cheapest, especially those with State Farm insurance.

[davidbartrand]

I had contractor's liability through S Farm about 5 years.
Onerously audited every year.
No claims ever in my 40+ years. Finally quit them over audits & rates. Always treated better by every other insurer.
Wife similarly treated poorly despite initial loyalty; eventually left disgusted.
1family each, in Idaho & CA, run off by S F in last year over homeowners insurance. Arbitrary new conditions and rates. Horrible company in MHO!

[KingNothing]

i am surprised state farm is even kicking.... they quoted me like 100x more then my current insurance and said you should see what they quote younger people in their 20s. makes me believe they only have 60+ year olds with coke bottle glasses driving 20 mph in a 40 mph zone lol

[vickiegay]

State Farm was also a bank and gave loans for RVs and Auto. The State Farm Bank is gone! Who do I make payments to?

[robertwrench]

Just canceled two policies with there asses today. I also told them on the phone how corrupt they are. Good riddance